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> 3 yrs lock in period

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TSBluelight1989
post Apr 23 2017, 11:22 PM, updated 7y ago

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as i know during lock in period (says it's 3 yrs) means u cannot settle it for the first 3 yrs correct? and u can pay one lumsup to settle the loan like few hundred thousand correct?
nakedtruth
post Apr 23 2017, 11:31 PM

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QUOTE(Bluelight1989 @ Apr 23 2017, 11:22 PM)
as i know during lock in period (says it's 3 yrs) means u cannot settle it for the first 3 yrs correct? and u can pay one lumsup to settle the loan like few hundred thousand correct?
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yes. after the lock in period you can settle the loan without penalty.
TSBluelight1989
post Apr 23 2017, 11:35 PM

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QUOTE(nakedtruth @ Apr 23 2017, 11:31 PM)
yes. after the lock in period you can settle the loan without penalty.
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what is it for? bank want to earn at least something for the first 3 yrs?
Neoh1979
post Apr 24 2017, 01:53 AM

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QUOTE(Bluelight1989 @ Apr 23 2017, 11:35 PM)
what is it for? bank want to earn at least something for the first 3 yrs?
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Actually need to becareful with the contract. i have oversea bank that revise my interest rate after dumping some money in it ...though over the lock in period.
BEANCOUNTER
post Apr 24 2017, 06:13 AM

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Not cannot settled....you can get out from contract even within lock in period...just that you need to pay penalty nia

Also need to know from what date the lock in period starts accumulating....

Is it from 1st disbursement or last disbursement.
nakedtruth
post Apr 24 2017, 01:13 PM

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QUOTE(Bluelight1989 @ Apr 23 2017, 11:35 PM)
what is it for? bank want to earn at least something for the first 3 yrs?
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of course... if not why give you loan..
Andes
post Apr 24 2017, 03:42 PM

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Usually, the lock-in period starts count from the date of the 1st loan released.

user posted image

You check back the bank schedule, most of the time the developer take more than 3 years to complete the projects, and by the time, you have over the 3 years lock in period

user posted image

This post has been edited by Andes: Apr 24 2017, 03:44 PM


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TSBluelight1989
post Apr 24 2017, 03:46 PM

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QUOTE(nakedtruth @ Apr 24 2017, 01:13 PM)
of course... if not why give you loan..
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The interest of the first 3 yrs is really peanut
Jagalat
post Apr 24 2017, 06:44 PM

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QUOTE(Bluelight1989 @ Apr 24 2017, 04:46 PM)
The interest of the first 3 yrs is really peanut
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For high rise the cumulative interest depends on the construction on the floor one bought....
For landed, the construction rate is fast....
nakedtruth
post Apr 25 2017, 06:26 PM

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QUOTE(Bluelight1989 @ Apr 24 2017, 03:46 PM)
The interest of the first 3 yrs is really peanut
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i done rough calculation myself earlier.
for 900k loan the interest during progress payment is about 40k for 2 years.
if one has cash why need to take loan or settle within 3 years.
TSBluelight1989
post Apr 25 2017, 09:21 PM

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QUOTE(nakedtruth @ Apr 25 2017, 06:26 PM)
i done rough calculation myself earlier.
for 900k loan the interest during progress payment is about 40k for 2 years.
if one has cash why need to take loan or settle within 3 years.
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900k cash? R u serious?
nakedtruth
post Apr 26 2017, 03:24 PM

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QUOTE(Bluelight1989 @ Apr 25 2017, 09:21 PM)
900k cash? R u serious?
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what do you mean? not 900k cash.
for 900k loan you need to pay about 40k in interest during the construction period.
TSBluelight1989
post Apr 26 2017, 10:57 PM

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QUOTE(nakedtruth @ Apr 26 2017, 03:24 PM)
what do you mean? not 900k cash.
for 900k loan you need to pay about 40k in interest during the construction period.
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construction period how many yrs? tht much?
wild_card_my
post Apr 26 2017, 11:01 PM

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QUOTE(Bluelight1989 @ Apr 23 2017, 11:22 PM)
as i know during lock in period (says it's 3 yrs) means u cannot settle it for the first 3 yrs correct? and u can pay one lumsup to settle the loan like few hundred thousand correct?
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You can settle within the lock-in period no problem. The only issue is that you may need to pay the penalty. Different banks and loan product have different period and percentage, and the percentage applies to the original loan amount or the current balance.

You can find this info in your LO
TSBluelight1989
post Apr 26 2017, 11:19 PM

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QUOTE(wild_card_my @ Apr 26 2017, 11:01 PM)
You can settle within the lock-in period no problem. The only issue is that you may need to pay the penalty. Different banks and loan product have different period and percentage, and the percentage applies to the original loan amount or the current balance.

You can find this info in your LO
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OL means?
wild_card_my
post Apr 27 2017, 12:00 AM

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QUOTE(Bluelight1989 @ Apr 26 2017, 11:19 PM)
OL means?
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Sorry, i mean the Letter Offer (LO) abd/or Loan Agreement (LA)
nakedtruth
post Apr 27 2017, 05:02 PM

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QUOTE(wild_card_my @ Apr 26 2017, 11:01 PM)
You can settle within the lock-in period no problem. The only issue is that you may need to pay the penalty. Different banks and loan product have different period and percentage, and the percentage applies to the original loan amount or the current balance.

You can find this info in your LO
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i know that is why im telling after lock in period TS can settle without penalty. biggrin.gif biggrin.gif biggrin.gif
Win Win Inspiration
post Apr 27 2017, 06:02 PM

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QUOTE(nakedtruth @ Apr 23 2017, 11:31 PM)
yes. after the lock in period you can settle the loan without penalty.
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Can we make Advanced Payment during the Lock-In period?
Not settling the full amount of loans, but incremental Advanced Payment that decreases the Principal Amount.
wild_card_my
post Apr 27 2017, 07:15 PM

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QUOTE(Win Win Inspiration @ Apr 27 2017, 06:02 PM)
Can we make Advanced Payment during the Lock-In period?
Not settling the full amount of loans, but incremental Advanced Payment that decreases the Principal Amount.
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As mentioned in the other topic, and for the benefit of everyone here... yes, you can make advanced payment during the lock-in periods. Just dont fully settle the loan accidentally, otherwise you will trigger the penalty
Win Win Inspiration
post Apr 27 2017, 07:31 PM

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QUOTE(wild_card_my @ Apr 27 2017, 07:15 PM)
As mentioned in the other topic, and for the benefit of everyone here... yes, you can make advanced payment during the lock-in periods. Just dont fully settle the loan accidentally, otherwise you will trigger the penalty
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Thank you Mr Faiz for your kind advice.

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